Silver keeps going sideways; Yen crisis still in focus.
The silver futures contract gained 0.03% on Tuesday, August 6, as it went sideways following its Monday’s sell-off of 4.2%. On Monday, silver reacted to the japanese Yen turmoil, stock market’s volatility. Silver broke below the recent lows and reached a local low at $26.59; it was the lowest since early May. Recently, the market has been reaching the $29 level, retracing some of its late July declines. On previous Thursday, silver lost almost 5%, accelerating its sell-off amid a rout in gold prices. In early July, it was rebounding from the $32 level despite a rally in gold prices.
Today, silver is still trading sideways, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.1% lower, as it is trading along the $27.20 level. What about the other precious metals? Gold is 0.2% higher, platinum is 0.9% higher and palladium is 2.5% higher. So, the main precious metals’ prices are mixed this morning.
Today, we won’t get any new important economic data. Precious metals will continue reacting to volatile fluctuations on global markets.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, August 7
- 1:01 p.m. U.S. - 10-y Bond Auction
- 3:00 p.m. U.S. - Consumer Credit m/m
- 10:40 p.m. Australia - RBA Governor Bullock Speech
Thursday, August 8
- 8:30 a.m. U.S. - Unemployment Claims
- 10:00 a.m. U.S. - Final Wholesale Inventories m/m
- 1:01 p.m. U.S. - 30-y Bond Auction
- 3:00 p.m. U.S. - FOMC Member Barkin Speech
- 9:30 p.m. China - CPI y/y, PPI y/y
- Tentative, U.S. - Mortgage Delinquencies
Paul Rejczak
Stock Trading Strategist